Love Island and TOWIE stars to stand trial after pleading not guilty over unauthorised Instagram scheme
Influencers and former reality stars including Lauren Goodger, Jamie Clayton and Scott Timlin have pleaded not guilty to sharing an unauthorised investment scheme with the public after appearing at Southwark Crown Court in London on Thursday 11 July.
The group will not be tried until 2027.
Former The Only Way Is Essex star Lauren Goodger, Love Island ’s Jamie Clayton and Geordie Shore’s Scott Timlin, otherwise known as Scotty T, are among those who appeared on charges relating to offering an unsanctioned financial venture to their Instagram followers.
Eight of the nine defendants pleaded not guilty to the charges, while Love Island’s Eva Zapico was unable to attend the hearing.
The group of TV personalities were charged following a probe by the Financial Conduct Authority (FCA) and could each face up to two years in prison if convicted. The charges were put forward at an earlier hearing on 13 June, where the FCA previously claimed the stars had promoted a scheme run by Emmanuel Nwanze.
Emmanuel Nwanze and Holly Thompson allegedly used an Instagram account, @holly_fx trends, which gave advice on buying and selling contracts for difference (CFDs) when they were not authorised to do so, between 2018 and 2021.
The FCA has warned before that a staggering 80% of clients lose cash when dabbling in contracts for difference due to the high stakes involved. The authority's website explains these contracts are "often highly leveraged, which means they use debt to try and amplify returns, which can result in investors losing more than they invested".
The FCA alleges Nwanze paid former Love Island stars Biggs Chris, Clayron and Rebecca Gormley to promote the account to their followers in 2020.
He is also alleged to have paid TOWIE’s Lauren Goodger, her fellow castmate Yazmin Oukhellou and also Eva Zapico and Scott Timlin.
Each defendant is charged with one count of issuing unauthorised communications of financial promotions.
